Market Commentary

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GRAINS

December Corn closed down $0.11 3/4-cents at $4.76 3/4.

December corn posted a key reversal down and closed lower on Friday as it extends the August-September trading range. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off July's high, the 75% retracement level of the 2020-2022 rally crossing at $4.50 3/4 is the next downside target. Closes above the 50-day moving average crossing at $4.93 1/2 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $4.93 1/2. Second resistance is the August 11th high crossing at $5.07 1/2. First support is the September 19th low crossing at $4.67 3/4. Second support is the September-2021 low on the weekly chart crossing at $4.62 1/2.

December wheat closed down $0.37 1/4-cents at $5.41 1/2.

December wheat closed sharply lower on Friday as it renewed the decline off July's high. The low-range close sets the stage for a lower opening when Monday's day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off July's high, the 87% retracement level of the 2016-2022 rally on the weekly continuation chart crossing at $5.13 is the next downside target. Closes above the September 15th high crossing at $6.07 1/2 would signal that a short-term low has been posted. First resistance is the September 15th high crossing at $6.07 1/2. Second resistance is the August 21st high crossing at $6.46 1/4. First support is today's low crossing at $5.40. Second support is the 87% retracement level of the 2016-2022 rally on the weekly continuation chart crossing at $5.13.

December Kansas City Wheat closed down $0.21 1/4-cents at $6.63 3/4.

December Kansas City wheat closed lower on Friday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off July's high, the contract low crossing at $6.12 is the next downside target. Closes above the 20-day moving average crossing at $7.21 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $7.21 1/2. Second resistance is the September 7th high crossing at $7.54 1/4. First support is today's low crossing at $6.62. Second support the contract low crossing at $6.12.

December Minneapolis wheat closed down $0.37 3/4-cents crossing at $7.09 1/4.

December Minneapolis wheat closed sharply lower on Friday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off July's high, psychological support crossing at $7.00 is the next downside target. Closes above the 20-day moving average crossing at $7.68 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $7.68 3/4. Second resistance is the August 21st high crossing at $8.20. First support is psychological support crossing at $7.00. Second support is psychological support crossing at $6.75.

SOYBEAN COMPLEX�

November soybeans closed down $0.25 1/2-cents at $12.75.

November soybeans closed sharply lower on Friday as it renewed the decline off the August 28th high. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off August's high, the the June 28th low crossing at $12.56 3/4 is the next downside target. Closes above the 50-day moving average crossing at $13.45 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $13.02. Second resistance is the 20-day moving average crossing at $13.31. First support is the June 28th low crossing at $12.56 3/4. Second support is the 62% retracement level of the May-September rally crossing at $12.46 3/4.

December soybean meal closed down $10.30 at $381.20.

December soybean meal closed sharply lower on Friday as it renewed the decline off August's high. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, August's low crossing at $379.00 is the next downside target. Closes above the 50-day moving average crossing at $397.60 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $397.60. Second resistance is the September 14th high crossing at $402.10. First support is today's low crossing at $380.80. Second support is August's low crossing at $379.00.

December soybean oil closed down 108 pts. at 55.83.

December soybean oil closed lower on Friday as it extends the decline off August's low. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, the 50% retracement level of the May-July rally crossing at 55.03 is the next downside target. Closes above the 50-day moving average crossing at 61.27 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 61.27. Second resistance is July's high crossing at 65.39. First support is the 50% retracement level of the May-July rally crossing at 55.03. Second support is the 62% retracement level of the May-July rally crossing at 52.54.